Grok what about russians stating that crypto is a scam to pump all the debt into crypto and then devalue the crypto do i understand it correctrly Yes, you've got the gist of it pretty spot-on—though the phrasing in those Russian statements is a bit more dramatic and conspiracy-tinged than a straightforward "pump and dump." This stems from recent comments by Anton Kobyakov (sometimes reported as Dmitry Kobyakov), a senior advisor to Vladimir Putin, who laid out this theory at the Eastern Economic Forum in Vladivostok on September 6, 2025. It's been making waves in crypto circles and beyond as a bold accusation against U.S. financial strategy.
What the Russians Are Actually SayingKobyakov's core claim is that the U.S. is deliberately promoting cryptocurrencies (especially dollar-backed stablecoins like USDT or USDC) as a way to offload its massive national debt—currently around $35-37 trillion—onto the global economy. The idea is that Washington is "rewriting the rules" of crypto and gold markets to position them as alternatives to the traditional dollar system, which is losing trust worldwide due to inflation, sanctions, and endless deficits. Here's the step-by-step breakdown from his remarks:
Bottom line: You're understanding it correctly as a "pump the debt, crash the value" narrative, and it's rooted in real tensions over U.S. debt and crypto's rise. But treat it as savvy Russian realpolitik rather than a smoking-gun conspiracy—it's more about warning allies to diversify away from dollar assets than a literal playbook. If you're in crypto, this is a reminder to DYOR on stablecoin reserves and maybe hedge with non-USD assets. What sparked your question—seen this blowing up on X or elsewhere?
- Push Everyone into the "Crypto Cloud": The U.S. encourages global adoption of stablecoins, which are essentially tokenized versions of U.S. Treasuries or dollars. These create artificial demand for U.S. debt instruments, as stablecoin issuers (like Tether or Circle) hold billions in Treasuries as reserves. This "pumps" value into the system by sucking in foreign capital and everyday users, propping up the dollar indirectly.
- Pump the Debt In: Over time, the U.S. government (or its proxies) would effectively shift portions of its sovereign debt into these stablecoins or tokenized assets. Kobyakov frames this as moving the "$35 trillion currency debt" into a digital "cloud" where it's easier to manipulate.
- Devalue and Reset: Once the world is hooked, the U.S. devalues the underlying dollar (via inflation, policy shifts, or even a controlled crypto market crash), wiping out the real value of that debt. The U.S. then "starts from scratch," leaving everyone else holding the bag—devalued tokens, eroded savings, and a reset global financial order that still favors America. He compares it to historical U.S. moves in the 1930s (abandoning the gold standard) and 1970s (ending Bretton Woods), but "this time by pushing everyone into the ‘crypto cloud’ at the world’s expense."
- Substantiation for the Theory:
- Stablecoins do create demand for U.S. debt: As of mid-2025, the stablecoin market cap is over $200 billion, with ~80% backed by U.S. Treasuries. Issuers like Tether hold $100B+ in them, effectively financing U.S. borrowing at low rates.
- U.S. policy is crypto-friendly under the current administration: Trump signed the GENIUS Act in July 2025, easing stablecoin rules, and there's talk of a "Bitcoin Strategic Reserve" via bills like Sen. Cynthia Lummis' proposal to buy 1M BTC for debt retirement.
- Russia has skin in the game: Sanctions have forced Moscow to explore alternatives like a ruble-backed stablecoin (A7A5 on Tron), so they're motivated to paint U.S. crypto as a trap.
- Why It's Probably Overhyped:
- Devaluing stablecoins isn't straightforward—they're redeemable 1:1 for dollars, and issuers face audits/regulations. A deliberate crash would tank U.S. credibility and invite lawsuits/global backlash.
- Broader context: Russia's been calling the U.S. debt a "pyramid scheme" for years (e.g., State Duma chair Vyacheslav Volodin in 2023). This feels like propaganda to rally BRICS nations against dollar dominance, especially as Russia pushes its own crypto tools for trade.
- Crypto's volatility cuts both ways: Sure, it could be "pumped" via hype, but devaluing it en masse would hurt U.S. institutions (banks, VCs) holding billions in exposure.
Aspect | Russian Claim | Counterpoint |
|---|---|---|
Debt Offloading | U.S. shifts $35T into stablecoins for global holders to absorb. | Stablecoins are tiny (~0.5% of U.S. debt); they'd need 100x growth to matter, risking hyperinflation. |
Devaluation Mechanism | "Crypto cloud" reset erases value like past gold/dollar shocks. | Legal hurdles: Stablecoins aren't sovereign debt; devaluing would violate contracts and erode dollar trust further. |
Global Impact | World pays the price via eroded savings. | Could backfire—BRICS (incl. Russia) are building CBDCs/crypto bridges to bypass USD anyway. |
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